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As Telegram plans to integrate the TON wallet, Toncoin surges to…

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The messaging app Telegram promoted the TON network. This led to a significant surge in the price of TON over the last 24 hours, thus reaching $1.91.

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  • Telegram intends to integrate the TON wallet into its app, granting access to its user base through their settings.
  • Following the announcement, Toncoin experienced a 6.5% surge in just 30 minutes.

Messaging app Telegram announced its official endorsement of the TON network, positioning it as the preferred blockchain for Web3 infrastructure, as reported by CoinDesk. Telegram plans to seamlessly integrate TON into its app’s user interface. This propelled Toncoin [TON], the blockchain’s native token, to a 6.5% surge in just 30 minutes after the news broke.

The TON network already introduced a Web3 wallet boasting an impressive 3 million registered users. Now, Telegram intends to integrate this wallet into its app, granting access to its vast user base of 800 million people through their settings.

Additionally, a self-custodial variant called TON Space will be gradually rolled out to all Telegram users worldwide. However, the rollout won’t take place in the U.S., with completion expected by November, according to the TON Foundation.

John Hyman, Telegram’s Chief Investment Officer, stated,

“We are putting digital ownership rights in the hands of our entire user base while also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”

TON’s web3 wallet for 800 million users

Telegram, known for its popularity among crypto enthusiasts, has a history intertwined with the blockchain realm. This journey began as an internal project in 2018, but it encountered obstacles, leading to Telegram discontinuing development in August 2020 due to legal action from the U.S. Securities and Exchange Commission (SEC), which alleged the sale of unregistered securities. Fortunately, the community rallied around the project, forming the TON Foundation in the subsequent year to keep the initiative alive.

The development of the TON spinoff network continued under the guidance of the Foundation. It was seemingly independent of Telegram, yet the connection between the two entities persisted. Notably, many of TON’s significant milestones unfolded within the Telegram ecosystem.

Importantly, Hyman emphasized that TON will remain a “completely separate decentralized organization.” Telegram remains committed to its core mission of providing an exceptional messenger platform.

Toncoin, the native cryptocurrency of TON, currently ranks as the 11th largest cryptocurrency with a market capitalization of approximately $6.6 billion, according to CoinMarketCap data. Following the announcement, Toncoin experienced a 13% surge over the past 24 hours, reaching a price of $1.91.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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